Have you decided that the East Bay isn’t the right place for your family anymore? Whether you’d like to live somewhere with a lower cost of living, your company is relocating, or you want to live closer to family elsewhere, many people sell Bay Area homes while buying out-of-area.
Selling your home can be stressful, and so can relocating, transfering on changing jobs, and creating a new social life in a new place. There are lots of things going on at once when you choose to sell your home and change areas. Here is some guidance to help you make a smooth transition:
To Sell First or Buy First?
You have the option of selling your home, and not owning a home until you buy a new one, or buying your next home before your first one sells. Both pose interesting situations. If you sell first, where do you live? Where do your belongings go? If you buy a home first, can you secure a new mortgage while you still have the old one? Can you make monthly payments on both homes? Can you do a down payment before your current home sells? Look at the factors that can affect your order of events and plan accordingly.
It’s not uncommon to be able to negotiate a “Rent back” situation where after you sell your home, the new owners allow you to pay rent to them and stay in place for an extra 1-3 months. At that time, you move out and the new owners take possession of the property. This option might be right for you if you want to sell before buying and can find an agreeable buyer.
Look for a Bridge Loan
A bridge loan may allow you some flexibility when leaving the Bay Area. A bridge loan, also known as a gap or swing loan, uses your current property as collateral to finance your new home purchase out of state. These loans usually come with a 6 month term, and are paid back when the old home sells and the old mortgage is paid off as well. A bridge loan will have a higher interest rate that other loan types. These can be hard to get. Your original home must be lien-free, you must have excellent credit, and your income must be able to support the debt load.
Sell Here, Rent There
Selling while leaving the Bay Area and renting in your new location can be a great fit if you want extra time to home-hunt or you’re not fully committed to the new location. You can even move while your Bay Area home is on the market and sells, saving you from having to stay in your home while shoppers come through. This can be an attractive option because of its simplicity.
Price Your Home to Move
If your goal is to relocate, leaving the East Bay Area allows you to worry a little less about getting top dollar for your home. Of course you want a fair value, but you can also trust that for the price you sell here you’ll be able to find a comparable or more impressive home elsewhere. This takes a little pressure of you, and allows you to set a price that encourages buyers to consider your home seriously. Closing your sale fast can help you settle into your new area worry-free.
If you know you want to leave Contra Costa County and the surrounding areas, and need guidance for selling your home and starting fresh, let the Laura Wucher Team help you today.